Exemptions
Sec. 7. Notwithstanding any other provision of this article, there
is no tax imposed on the adjusted gross income or apportioned
income of the following:
(1) Insurance companies subject to the tax under IC 27-1-18-2
or IC 6-3.
(2) International banking facilities (as defined in Regulation D
of the Board of Governors of the Federal Reserve System).
(3) Any corporation that is exempt from income tax under
Section 1363 of the Internal Revenue Code.
(4) Any corporation exempt from federal income taxation under
the Internal Revenue Code, except for the corporation's
unrelated business income. However, this exemption does not
apply to a corporation exempt from federal income taxation
under Section 501(c)(14) of the Internal Revenue Code.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.25; P.L.68-1991, SEC.8; P.L.1-2003, SEC.47; P.L.269-2003,
SEC.11.
Last modified: May 28, 2006